10 Things to Know About Medigap Plans
By: Sari Harrar for AARP
2024 Medigap Options
- They are Only Available to Original Medicare Enrollees
- Medigap typically covers the 20% out of pocket expenses
- Medicare Advantage does not allow supplemental insurance
- Medigap is not Your Only Supplemental Insurance Option
- You may be eligible for a supplemental coverage offered by past or present employer.
- You May Have 8 – 10 Medigap Options
- The U.S. Government determines what the Medigap policy options are
- Each Option is known by a letter (A,B,C,D,E,F,G,H,I,J,K)
- Some Options Aren’t Available to Everyone
- In a 2020 cost-cutting move Congress ended Medigap options C, F, and high deductible F to the newly Medicare eligible
- Policies by Private Insurance Companies
- You will likely have several choices including the Medigap options (A-K) from several private insurers in your area.
- The Best Time to Buy Medigap is When You are 65
- You purchase with no penalty for existing health issues, etc.
- 6 months after your purchase date, additional costs of preexisting conditions, etc., will be added to the monthly cost
- Some States Set Their Own Enrollment Rules
- Check with your state about it’s enrollment rules
- Different Plans Can Have Very Different Costs
- Different states can have different cost for the same option
- Cost can vary for the same option based on individual lifestyle and health status
- Shop for Coverage Needs Not the Costs
- You Get What You Pay For!!
- You Can Get Unbiased Help in Choosing Your Coverage
- Contact your State Health Insurance Assistance Program
- Find it at shiphelp.org